荷美爾 (HRL) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Hormel Foods Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加荷美爾食品公司 2022 年第二季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to David Dahlstrom, Director of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係總監 David Dahlstrom。請繼續。

Good morning. Welcome to the Hormel Foods conference call for the second quarter of fiscal 2022. We released our results this morning before the market opened, around 6:30 a.m. Eastern. If you did not receive a copy of the release, you can find it on our website at hormelfoods.com under the Investors section.

早上好。歡迎參加荷美爾食品公司 2022 財年第二季度的電話會議。我們今天早上在東部時間上午 6:30 左右開市前發布了我們的業績。如果您沒有收到新聞稿的副本，您可以在我們的網站 hormelfoods.com 的“投資者”部分下找到它。

On our call today is Jim Snee, Chairman of the Board, President and Chief Executive Officer; and Jacinth Smiley, Executive Vice President and Chief Financial Officer. Jim will provide a review of the company's second quarter results, an update on business initiatives and a perspective on the remainder of fiscal 2022. Jacinth will provide detailed financial results and further commentary on the second quarter and our outlook.

今天接到我們電話的是董事會主席、總裁兼首席執行官 Jim Snee；和 Jacinth Smiley，執行副總裁兼首席財務官。 Jim 將提供對公司第二季度業績的回顧、業務計劃的更新以及對 2022 財年剩餘時間的展望。Jacinth 將提供詳細的財務業績以及對第二季度和我們前景的進一步評論。

The line will be open for questions following Jacinth's remarks. (Operator Instructions) An audio replay of this call will be available beginning at noon today, Central Time. The dial-in number is (877) 344-7529, and access code is 8061295. It will also be posted to our website and archived for 1 year.

Jacinth 發表講話後，該線路將開放供提問。 （操作員說明）本次通話的音頻重播將從中部時間今天中午開始提供。撥入號碼為(877) 344-7529，接入碼為8061295。該號碼也將發佈到我們的網站並存檔1年。

Before we get started, I need to reference the safe harbor statement. Some of the comments made today will be forward-looking, and actual results may differ materially from those expressed in or implied by the statements we will be making. Please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which can be accessed at hormelfoods.com under the Investors section.

在我們開始之前，我需要參考安全港聲明。今天發表的一些評論將是前瞻性的，實際結果可能與我們將發表的陳述中表達或暗示的結果大不相同。請參閱我們最近的 10-K 表格年度報告和 10-Q 表格季度報告，可在 hormelfoods.com 的“投資者”部分訪問。

Additionally, please note, the company uses non-GAAP results to provide investors with a better understanding of the company's operating performance. These non-GAAP measures include organic volume and organic net sales. Discussion on non-GAAP information is detailed in our press release and located on our corporate website. We have also posted supplemental information on the second quarter and our outlook. This can be found on our investor website, investor.hormelfoods.com.

此外，請注意，公司使用非公認會計原則的結果讓投資者更好地了解公司的經營業績。這些非公認會計原則措施包括有機銷量和有機淨銷售額。關於非公認會計原則信息的討論在我們的新聞稿中有詳細說明，位於我們的公司網站上。我們還發布了有關第二季度的補充信息和我們的展望。這可以在我們的投資者網站investor.hormelfoods.com 上找到。

I will now turn the call over to Jim Snee.

我現在將把電話轉給 Jim Snee。

Thank you, David. Good morning, everyone. Our team continues to successfully navigate some of the most difficult operating conditions in the company's 130-year history as we again delivered strong top and bottom line growth this quarter. I want to express my gratitude to the entire team for their commitment and ability to drive results.

謝謝你，大衛。大家，早安。我們的團隊繼續成功應對公司 130 年曆史上一些最困難的運營條件，因為我們在本季度再次實現了強勁的收入和利潤增長。我想對整個團隊的承諾和推動成果的能力表示感謝。

There are many examples across our company of our results-matter focus. And I would like to specifically acknowledge 2 teams who showed incredible dedication and determination during the last quarter.

我們公司有很多例子表明我們注重結果。我要特別感謝在上個季度表現出令人難以置信的奉獻精神和決心的 2 支球隊。

First, I want to recognize our Jennie-O Turkey Store team. In March, highly pathogenic avian influenza, or HPAI, was confirmed in our supply chain. And our team quickly and effectively mobilized into crisis mode. This involved working long hours over the course of many weeks to protect the safety of the turkey flocks, provide transparent communication to customers and operators and plan for future business interruptions, all while operating the day-to-day business. This was compounded by severe weather in early May, which also impacted several facilities within the supply chain.

首先，我要感謝我們的 Jennie-O Turkey Store 團隊。 3 月，我們的供應鏈中確認了高致病性禽流感（HPAI）。我們的團隊迅速有效地動員起來進入危機模式。這涉及在數週內長時間工作以保護火雞群的安全，為客戶和運營商提供透明的溝通，併計劃未來的業務中斷，同時運營日常業務。 5 月初的惡劣天氣加劇了這種情況，這也影響了供應鏈中的幾個設施。

Our Jennie-O team went through a lot this quarter, showing unwavering commitment and resolve in the face of some exceedingly demanding situations. I thank them for the work they've accomplished and for the work yet to come.

我們的 Jennie-O 團隊本季度經歷了很多，在面對一些極其苛刻的情況時表現出堅定不移的承諾和決心。我感謝他們已經完成的工作以及尚未完成的工作。

Second, I would like to applaud our team in China for their incredible execution during truly unprecedented times. Strict lockdowns forced the partial closure of 2 of our manufacturing facilities. Some of our team members volunteered to sleep and live inside the facilities for 10 days to ensure the plants remained operational until normal production could resume.

其次，我要讚揚我們在中國的團隊在真正前所未有的時期表現出色。嚴格的封鎖迫使我們的 2 個製造設施部分關閉。我們的一些團隊成員自願在設施內睡覺和生活 10 天，以確保工廠保持運轉，直到恢復正常生產。

Simultaneously, our sales and marketing teams drove outstanding retail sales gains in anticipation of widespread lockdowns. The ingenuity, resourcefulness and grit displayed by our entire team in China was truly commendable and another example of what makes our company uncommon.

同時，我們的銷售和營銷團隊在預期大範圍封鎖的情況下推動了出色的零售銷售增長。我們在中國的整個團隊所表現出的獨創性、足智多謀和毅力確實值得稱讚，這也是我們公司與眾不同的另一個例子。

In the second quarter, our team delivered its sixth consecutive quarter of record sales and third consecutive quarter of earnings growth. Operating margin also improved compared to the first quarter, an indication that our balanced business model and efforts to mitigate inflationary pressures are working.

在第二季度，我們的團隊實現了連續第六個季度創紀錄的銷售額和連續第三個季度的盈利增長。與第一季度相比，營業利潤率也有所改善，這表明我們平衡的商業模式和緩解通脹壓力的努力正在發揮作用。

Customer and operator demand for our leading brands remained robust as we continue to realize the benefits of investments in our direct sales force, diversified product portfolios, increased advertising, brand building and innovation. Across all channels, our brands have responded well to pricing actions. And we are actively managing pricing and promotional levers to ensure the long-term health of our brands and the categories in which they compete.

客戶和運營商對我們領先品牌的需求保持強勁，因為我們繼續意識到投資於我們的直銷隊伍、多樣化的產品組合、增加廣告、品牌建設和創新所帶來的好處。在所有渠道中，我們的品牌都對定價行為做出了很好的反應。我們正在積極管理定價和促銷手段，以確保我們品牌及其競爭品類的長期健康。

We also made meaningful progress across our supply chain during the quarter where our investments in capacity and recovery in staffing levels contributed to improved fill rates, inventories and production volumes.

我們在本季度的整個供應鏈中也取得了有意義的進展，我們對產能的投資和人員配備水平的恢復有助於提高填充率、庫存和產量。

One of our most important strategies has been to create a balanced, flexible and diversified business model able to withstand market volatility, business fluctuations and other unforeseen events. As our second quarter and first half results clearly demonstrate, our strategy to bring balance into our business continues to differentiate Hormel Foods from others in the industry.

我們最重要的戰略之一是創建一個能夠抵禦市場波動、業務波動和其他不可預見事件的平衡、靈活和多元化的商業模式。正如我們第二季度和上半年的業績清楚地表明，我們為業務帶來平衡的戰略繼續使荷美爾食品與業內其他公司區分開來。

One of the ways we do this is through our channel diversification. In the initial stages of the pandemic, we leaned heavily on our retail businesses, both domestically and internationally, to drive growth. In the current environment, we are growing with the foodservice industry through its recovery and continuing to meet elevated demand at retail.

我們這樣做的方法之一是通過我們的渠道多元化。在大流行的初始階段，我們在很大程度上依靠我們的國內和國際零售業務來推動增長。在當前環境下，我們正在通過餐飲服務行業的複蘇和繼續滿足零售業日益增長的需求而發展壯大。

From a top line perspective, we drove 15% growth from our retail businesses in the second quarter and continued to see elevated demand for our leading brands, including WHOLLY, SKIPPY, Hormel Square Table refrigerated entrees, SPAM, Hormel Gatherings, Jennie-O, Columbus and Applegate.

從收入的角度來看，我們在第二季度推動零售業務增長 15%，並繼續看到對我們領先品牌的需求增加，包括 WHOLLY、SKIPPY、Hormel Square Table 冷藏主菜、SPAM、Hormel Gatherings、Jennie-O、哥倫布和阿普爾蓋特。

We are also seeing our investments in the e-commerce channel pay dividends with solid above-category sales growth and share gains. As measured by IRI, sales increased 5% for the quarter, ending with a strong April. E-commerce constitutes around 12% of our tracked retail sales and is an important part of our future growth.

我們還看到我們在電子商務渠道的投資帶來了穩定的上述類別銷售增長和份額收益。根據 IRI 衡量，本季度銷售額增長了 5%，以強勁的 4 月份結束。電子商務約占我們跟踪的零售額的 12%，是我們未來增長的重要組成部分。

We demonstrated our leadership position in the foodservice channel again during the second quarter, driving sales growth of 32% compared to last year. Growth was extremely balanced with strength in both Refrigerated Foods and Jennie-O Turkey Store.

我們在第二季度再次展示了我們在餐飲服務渠道的領先地位，與去年相比，銷售額增長了 32%。 Refrigerated Foods 和 Jennie-O Turkey Store 的增長與實力極為平衡。

We have made substantial gains in the fast-growing convenience store channel, in large part due to the scale the Planters brand brings to our company. Growth from the Planters and Corn Nuts businesses in this channel is enabling expanded placements of other products.

我們在快速增長的便利店渠道中取得了可觀的收益，這在很大程度上歸功於 Planters 品牌為我們公司帶來的規模。該渠道中種植者和玉米堅果業務的增長正在擴大其他產品的展示位置。

Recent wins in the retail and snacking space include SPAM, chili, SKIPPY Peanut Butter, Compleats, Black Label bacon and egg bite, Columbus snack trays, Justin's items and Hormel Gatherings party trays. Additionally, we've placed premium foodservice items such as Austin Blues barbecue, Fire Braised meats and Bacon 1 pre-cooked bacon to be used in prepared items in this channel. Like e-commerce and the retail channel, convenience stores provide an important part of our future growth in foodservice.

最近在零售和零食領域的成功包括垃圾郵件、辣椒、SKIPPY 花生醬、Compleats、Black Label 培根和雞蛋咬、哥倫布零食托盤、賈斯汀的物品和荷美爾聚會的派對托盤。此外，我們還在此頻道中放置了高級餐飲服務項目，例如 Austin Blues 燒烤、火燉肉和 Bacon 1 預煮培根，用於準備項目。與電子商務和零售渠道一樣，便利店是我們未來餐飲服務增長的重要組成部分。

Internationally, we are continuing to make progress to bring even more balance to the company. Our business in China is a great example of this. This quarter, we again experienced demand softness in foodservice due to the country's COVID-related restrictions. Our team quickly pivoted its resources from foodservice to the retail channel. Sales of SPAM and SKIPPY surged. And our team was also able to effectively redirect foodservice items to food security programs to help supply those experiencing lockdowns.

在國際上，我們正在繼續取得進展，為公司帶來更多的平衡。我們在中國的業務就是一個很好的例子。本季度，由於該國與 COVID 相關的限制，我們再次經歷了餐飲服務的需求疲軟。我們的團隊迅速將其資源從餐飲服務轉向零售渠道。 SPAM 和 SKIPPY 的銷售額激增。我們的團隊還能夠有效地將餐飲服務項目重定向到食品安全計劃，以幫助那些經歷封鎖的人。

Our strategy to meet consumers where they want to eat with a broad portfolio of products from mainstream to premium, both domestically and internationally, is a strategy that has served us well and will continue to serve us well into the future.

我們的戰略是在國內和國際上使用從主流到優質的廣泛產品組合來滿足消費者的需求，這一戰略對我們有很好的幫助，並將在未來繼續為我們服務。

From an earnings perspective, our Jennie-O Turkey Store segment had an outstanding quarter as its ability to adjust to current market conditions and meet strong foodservice demand drove higher results. Likewise, our foodservice businesses in Refrigerated Foods were able to price for inflation and deliver excellent volume growth. These businesses more than offset higher freight expenses for all segments and the earnings decline in Grocery Products, which absorbed significantly higher costs for certain inputs such as avocados, protein and packaging.

從收益的角度來看，我們的 Jennie-O 土耳其商店部門有一個出色的季度，因為它能夠適應當前的市場狀況並滿足強勁的餐飲服務需求，推動了更高的業績。同樣，我們在冷藏食品領域的餐飲服務業務能夠為通貨膨脹定價並實現出色的銷量增長。這些業務抵消了所有部門更高的運費和雜貨產品的收入下降，後者吸收了鱷梨、蛋白質和包裝等某些投入的顯著增加的成本。

We have announced another round of pricing actions across our grocery portfolio to help mitigate these inflationary pressures, but we'll, in the meantime, lean into our balanced model as we did this past quarter. The balanced business model has been a key driver behind our recent success and our long-term growth. We remain confident in our ability to withstand volatile economic conditions and market cycles through our continued focus on balance.

我們已經宣布了對我們的雜貨投資組合的另一輪定價行動，以幫助緩解這些通脹壓力，但與此同時，我們將像上個季度一樣採用我們的平衡模型。平衡的商業模式一直是我們近期成功和長期增長的關鍵驅動力。通過持續關注平衡，我們對抵禦動蕩的經濟狀況和市場週期的能力充滿信心。

We successfully completed the integration of all aspects of the Planters snack nuts business during the second quarter, and the business continues to perform at the high end of our expectations. During the cutover period in February, we experienced lower fill rates as we fully transitioned inventory into our logistics network and assumed control of the entire supply chain. While this did have a short-term impact on sales and consumption, we have seen improvements in customer service levels and expect consumption data to show continued improvement in the coming months.

我們在第二季度成功完成了 Planters 零食堅果業務的各個方面的整合，並且該業務繼續在我們預期的高端表現。在 2 月的交接期間，我們的庫存率下降，因為我們將庫存完全轉移到我們的物流網絡並控制了整個供應鏈。雖然這確實對銷售和消費產生了短期影響，但我們已經看到客戶服務水平有所提高，並預計消費數據將在未來幾個月顯示持續改善。

As we celebrate 1 year of owning the Planters business, I am proud of the excellent progress we have made on our commitments from last June. We have invested heavily behind the Planters and Corn Nuts brands. We are on track to capture the synergies identified during diligence, and we have leveraged this business to amplify our scale in snacking and entertaining.

在我們慶祝擁有 Planters 業務 1 年之際，我為我們在去年 6 月的承諾方面取得的出色進展感到自豪。我們在 Planters 和 Corn Nuts 品牌背後投入了大量資金。我們正在努力捕捉在盡職調查中發現的協同效應，我們利用這項業務擴大了我們在零食和娛樂方面的規模。

After an excellent first quarter and significant profit growth in the second quarter, our Jennie-O Turkey Store team is facing an uncertain period ahead due to the impacts and risks to its supply chain from HPAI. Similar to what we experienced in 2015, HPAI is expected to have a meaningful impact on industry poultry supplies over the coming months, including large supply gaps in the Jennie-O Turkey Store vertically integrated supply chain beginning in the third quarter.

在經歷了出色的第一季度和第二季度的顯著利潤增長之後，由於 HPAI 對其供應鏈的影響和風險，我們的 Jennie-O 土耳其商店團隊正面臨著不確定的時期。與我們在 2015 年的經歷類似，HPAI 預計將在未來幾個月對行業家禽供應產生重大影響，包括從第三季度開始的 Jennie-O 土耳其商店垂直整合供應鏈中的巨大供應缺口。

On a positive note, it appears that the bio-security measures the company has implemented since 2015 have provided additional protection against the virus, as the number of company-managed turkeys impacted to date is 25% lower than during the previous event. Breast meat prices have already risen to levels higher than any point in 2015, currently trading above $6 compared to the previous all-time high of $5.85. We have seen increases in other turkey markets as well.

積極的一面是，該公司自 2015 年以來實施的生物安全措施似乎為抵禦病毒提供了額外的保護，因為迄今為止受影響的公司管理的火雞數量比上一次活動減少了 25%。胸肉價格已經上漲至高於 2015 年任何時候的水平，目前交易價格高於 6 美元，而之前的歷史高點為 5.85 美元。我們也看到其他土耳其市場的增長。

From a cost perspective, feed prices are significantly higher with corn and soybean meal up more than 125% and 40%, respectively, as of early May. Additionally, there is further upside risk to feed prices with later plantings due to cold and wet weather across the Midwest this spring. The cost of production labor at company manufacturing facilities has also increased more than 50% on average compared to 2015. Our team is taking the appropriate actions to protect the health of the turkeys across our supply chain, managing through operational challenges caused by the outbreaks and adapting to changing business conditions.

從成本角度來看，飼料價格顯著上漲，截至 5 月初，玉米和豆粕的漲幅分別超過 125% 和 40%。此外，由於今年春季中西部的寒冷和潮濕天氣，後期播種價格存在進一步上漲的風險。與 2015 年相比，公司生產設施的生產勞動力成本也平均增加了 50% 以上。我們的團隊正在採取適當的行動來保護整個供應鏈中火雞的健康，應對疫情和適應不斷變化的商業環境。

While simultaneously managing through the impacts of HPAI, our team made progress on the Jennie-O Turkey Store business transformation. During the second quarter, we closed the Benson Avenue facility and successfully transferred approximately 200 employees to the newer and larger manufacturing facility in Willmar.

在管理 HPAI 影響的同時，我們的團隊在 Jennie-O Turkey Store 業務轉型方面取得了進展。在第二季度，我們關閉了 Benson Avenue 工廠，並成功地將大約 200 名員工轉移到位於 Willmar 的更新、更大的製造工廠。

We remain on track to integrate business functions, consolidate the Jennie-O Turkey Store supply chain into the broader Hormel Foods One Supply Chain and drive SG&A cost synergies of approximately $20 million to $30 million annually by fiscal 2023. Above all, the team is focused on creating a business model that is better aligned to the changing needs of our customers, consumers and operators to drive long-term sustainable growth.

我們仍有望整合業務職能，將 Jennie-O 土耳其商店供應鏈整合到更廣泛的 Hormel Foods One 供應鏈中，並在 2023 財年之前將 SG&A 成本協同效應提高到每年約 2000 萬至 3000 萬美元。最重要的是，團隊專注於建立一種更好地適應客戶、消費者和運營商不斷變化的需求的商業模式，以推動長期可持續增長。

I also want to provide an update on the great work our team is doing to fulfill our ESG commitments and achieve our 20 by 30 goals. During the second quarter, we announced we are on track to match 100% of domestic energy use with renewable sourcing by the end of 2022. We announced that our Justin's brand is transitioning to jars that use 30% less plastic. We were ranked #57 on the U.S. Environmental Protection Agency's Fortune 500 list of the largest green power users.

我還想提供我們團隊為履行 ESG 承諾和實現 20 x 30 目標所做的出色工作的最新情況。在第二季度，我們宣布我們有望在 2022 年底之前將 100% 的國內能源使用與可再生能源相匹配。我們宣布我們的 Justin's 品牌正在過渡到使用塑料減少 30% 的罐子。我們在美國環境保護署的財富 500 強最大綠色電力用戶名單中排名第 57 位。

We were named one of America's most trustworthy companies by Newsweek. And in May, for the 13th time, we were named one of the 100 Best Corporate Citizens by 3BL Media. This ranking recognizes outstanding environmental, social and governance transparency and performance. We are proud and honored to continue to be named a top corporate citizen.

我們被《新聞周刊》評為美國最值得信賴的公司之一。 5 月，我們第 13 次被 3BL Media 評為 100 位最佳企業公民之一。該排名表彰了傑出的環境、社會和治理透明度和績效。我們為繼續被評為頂級企業公民而感到自豪和榮幸。

Lastly, I want to share a recent success story from our Inspired Pathways free community college program. This week, we hired the first individuals from the program to participate in paid summer internships. This marks yet another example of why we believe this program can be generational for our employees, their dependents and for the future of the company.

最後，我想分享一下我們 Inspired Pathways 免費社區大學計劃最近的一個成功案例。本週，我們聘請了該計劃的第一批人參加帶薪暑期實習。這標誌著我們為什麼相信該計劃可以為我們的員工、他們的家屬和公司的未來帶來世代相傳的另一個例子。

We are reaffirming our sales guidance range of net sales between $11.7 billion and $12.5 billion and narrowing the earnings range of $1.87 to $1.97 per share. We are confident in our ability to deliver our sales guidance given robust demand for our brands across the retail, foodservice and international channels, improvements in our supply chain, investments in capacity and from strategic pricing actions.

我們重申我們的淨銷售額在 117 億美元至 125 億美元之間的銷售指導範圍，並將每股收益範圍縮小至 1.87 美元至 1.97 美元。鑑於零售、餐飲服務和國際渠道對我們品牌的強勁需求、我們供應鏈的改進、產能投資和戰略定價行動，我們對我們提供銷售指導的能力充滿信心。

From an earnings perspective, we expect a strong finish to the year from our Refrigerated Foods business. We anticipate a fourth quarter improvement from pricing actions taken across our Grocery Products portfolio. We are navigating the impact of HPAI on the Jennie-O Turkey Store supply chain and external factors affecting the International & Other segment, including current export logistics challenges and COVID-related lockdowns in China. Our teams have actions in place to manage through these challenges and drive results for the company.

從收益的角度來看，我們預計我們的冷藏食品業務將在今年取得強勁的業績。我們預計，我們在雜貨產品組合中採取的定價行動將在第四季度有所改善。我們正在研究 HPAI 對 Jennie-O Turkey Store 供應鏈的影響以及影響國際和其他部門的外部因素，包括當前的出口物流挑戰和中國與 COVID 相關的封鎖。我們的團隊已採取行動來應對這些挑戰並為公司帶來成果。

At this time, I will turn the call over to Jacinth Smiley to discuss financial information relating to the quarter and provide more color on key drivers to our outlook.

此時，我將把電話轉給 Jacinth Smiley，討論與本季度相關的財務信息，並為我們展望的關鍵驅動因素提供更多色彩。

Thank you, Jim. Good morning, everyone.

謝謝你，吉姆。大家，早安。

We delivered another quarter of record sales of $3.1 billion, a 19% increase compared to last year. Organic sales increased 10%. Gross profit increased $77 million compared to last year, a 16% increase. This improvement was driven by strength in Jennie-O Turkey Store, growth from Refrigerated Foods, the addition of the Planters snack nuts business and strategic pricing actions to offset inflationary pressures.

我們另一個季度實現了創紀錄的 31 億美元銷售額，與去年相比增長了 19%。有機銷售額增長了 10%。與去年相比，毛利潤增加了 7700 萬美元，增長了 16%。這種改善是由 Jennie-O 土耳其商店的實力、冷藏食品的增長、Planters 零食堅果業務的增加以及為抵消通脹壓力而採取的戰略定價行動所推動的。

Gross profit margin was 17.9% compared to 18.3% last year and 17.7% in the first quarter. SG&A expenses increased 12% compared to last year due to the addition of the Planters snack nuts business and the higher advertising investments in our brands. SG&A as a percent of sales decreased to 7.3% from 7.7% last year. This speaks to our continued strong sales growth and disciplined cost management.

毛利率為 17.9%，去年同期為 18.3%，第一季度為 17.7%。由於 Planters 零食堅果業務的增加以及我們品牌的廣告投資增加，SG&A 費用比去年增加了 12%。 SG&A 佔銷售額的百分比從去年的 7.7% 下降到 7.3%。這說明我們持續強勁的銷售增長和嚴格的成本管理。

We increased advertising investments in the second quarter to support the Planters, Columbus and SPAM brands. For the quarter, advertising expense increased by 27% or approximately $0.01 per share.

我們在第二季度增加了廣告投資，以支持 Planters、Columbus 和 SPAM 品牌。本季度，廣告費用增加了 27% 或每股約 0.01 美元。

Operating income increased 16% to $335 million. Operating margins were 10.8% compared to 11.1% last year. Operating margin increased sequentially from 10.5% in the first quarter. As anticipated, we delivered quarter-over-quarter improvement in operating margin and made continued progress in mitigating the significant inflation we experienced.

營業收入增長 16% 至 3.35 億美元。營業利潤率為 10.8%，而去年為 11.1%。營業利潤率從第一季度的 10.5% 環比增長。正如預期的那樣，我們實現了營業利潤率的環比改善，並在緩解我們經歷的顯著通貨膨脹方面取得了持續進展。

Interest and investment income declined $9 million, primarily due to lower results from our rabbi trust, which generally tracks with equity market. Interest expense increased $7 million compared to last year.

利息和投資收入下降了 900 萬美元，主要是由於我們的拉比信託基金的業績下降，該信託基金通常與股票市場保持一致。與去年相比，利息支出增加了 700 萬美元。

Our effective tax rate was 18.7% for the quarter, down from 22.1% for the same period last year. The lower rate this quarter was primarily due to tax benefits from increased stock option exercises. Our effective tax range guidance of 20.5% to 22.5% is unchanged from the prior outlook. The net result of all these factors was diluted earnings per share of $0.48, a 14% increase over $0.42 last year.

本季度我們的有效稅率為 18.7%，低於去年同期的 22.1%。本季度較低的利率主要是由於股票期權行使增加帶來的稅收優惠。我們 20.5% 至 22.5% 的有效稅收範圍指導與之前的展望保持不變。所有這些因素的最終結果是每股攤薄收益 0.48 美元，比去年的 0.42 美元增長 14%。

Turning to cash flows. Operating cash flow for the second quarter increased 24% to $193 million. Operating cash flow for the first half of 2022 increased 60% to $577 million. Strong earnings growth has been a key catalyst to these increases.

轉向現金流。第二季度的經營現金流增長了 24%，達到 1.93 億美元。 2022 年上半年的經營現金流增長 60% 至 5.77 億美元。強勁的盈利增長一直是這些增長的關鍵催化劑。

Capital expenditures in the second quarter were $78 million compared to $45 million last year. During the quarter, we benefited from new capacity, including our pepperoni expansion at Papillion Foods plant in Nebraska and raw bacon investment in our plant in Austin.

第二季度的資本支出為 7800 萬美元，而去年為 4500 萬美元。在本季度，我們受益於新產能，包括我們在內布拉斯加州 Papilion Foods 工廠的意大利辣香腸擴建以及我們在奧斯汀工廠的生培根投資。

Our fiscal 2022 target for capital expenditures is unchanged at $310 million. We paid our 375th consecutive quarterly dividend effective May 15 at an annual rate of $1.04 per share. We did not repurchase any shares during the first half. We will repurchase shares opportunistically based on our internal valuation.

我們的 2022 財年資本支出目標保持不變，為 3.1 億美元。自 5 月 15 日起，我們以每股 1.04 美元的年利率連續支付了第 375 個季度股息。上半年我們沒有回購任何股份。我們將根據我們的內部估值機會性地回購股票。

We expect to make our first payment and begin our deleveraging related to Planters acquisition in the back half of the year. We remain committed to maintaining an investment-grade rating and deleveraging to 1.5 to 2x EBITDA by 2023.

我們預計將在今年下半年支付第一筆款項並開始與收購 Planters 相關的去槓桿化。我們仍致力於維持投資級評級，並在 2023 年前將 EBITDA 降至 1.5 至 2 倍。

Turning to our segment results. Segment profit increased by 15% as growth in Jennie-O Turkey Store and Refrigerated Foods more than offset declines in Grocery Products and International & Other. The company benefited from Planters sales of $239 million in the quarter and the related profit contribution.

轉向我們的細分結果。由於 Jennie-O Turkey Store 和 Refrigerated Foods 的增長超過了 Grocery Products 和 International & Other 的下降，分部利潤增長了 15%。該公司受益於本季度 2.39 億美元的 Planters 銷售額和相關的利潤貢獻。

Refrigerated Foods volume declined 13%, and organic volume decreased 14%. The decline in volume was primarily due to our strategic decision to restructure a pork supply agreement, reducing our exposure to low-margin commodity pork business and better aligning resources to value-added growth. Sales increased 13%, and organic sales increased 11%.

冷藏食品銷量下降 13%，有機食品銷量下降 14%。數量下降主要是由於我們重組豬肉供應協議的戰略決策，減少了我們對低利潤商品豬肉業務的敞口，並更好地將資源與增值增長相結合。銷售額增長了 13%，有機銷售額增長了 11%。

Refrigerated Foods segment profit increased 3%. Refrigerated Foods saw meaningful improvement in many areas across the supply chain due to improved labor availability and additional production capacity helping to offset production constraint.

冷藏食品分部利潤增長 3%。由於勞動力可用性的提高和有助於抵消生產限制的額外生產能力，冷藏食品在整個供應鏈的許多領域都取得了顯著改善。

Grocery Products volume increased 19%, and sales increased 39% due to the addition of the Planters business. Organic volume increased 2%, and organic sales increased 7%. Segment profit declined 9% as organic sales growth and the addition of Planters snack nuts business was unable to offset considerable inflationary pressures and lower results from MegaMex.

雜貨產品的銷量增長了 19%，銷售額增長了 39%，這是由於種植者業務的增加。有機銷量增長 2%，有機銷售額增長 7%。由於有機銷售增長和 Planters 零食堅果業務的增加無法抵消巨大的通脹壓力和 MegaMex 的較低業績，分部利潤下降了 9%。

Jennie-O Turkey Store had another excellent quarter with sales up 16% and segment profit up nearly 400%. Higher commodity prices and improved foodservice sales drove the substantial improvement in segment profit. HPAI had an immaterial impact on the segment's results for the second quarter.

Jennie-O Turkey Store 又一個出色的季度，銷售額增長了 16%，部門利潤增長了近 400%。較高的商品價格和改善的餐飲服務銷售推動了分部利潤的大幅改善。 HPAI 對該部門第二季度的業績產生了非實質性影響。

For the International & Other segment, volume was down 14% and organic volume declined 15% due, in large part, to lower commodity sales associated with the company's new pork supply agreement. Segment profit declined 3% as profit growth in China did not overcome lower results from the export business.

對於國際和其他部門，銷量下降 14%，有機銷量下降 15%，這在很大程度上是由於與公司新的豬肉供應協議相關的商品銷售下降。由於中國的利潤增長未能克服出口業務的較低業績，分部利潤下降了 3%。

We continue to battle extreme input cost volatility and inflation. We have seen increases across all our inputs, including raw materials, packaging and supplies, freight and logistics and labor. We expect a stabilization as demand and supply come more into balance and anticipate certain costs, such as labor, to be more structural in nature.

我們繼續與極端的投入成本波動和通貨膨脹作鬥爭。我們的所有投入都在增加，包括原材料、包裝和供應品、貨運和物流以及勞動力。隨著需求和供應更加平衡，我們預計會趨於穩定，並預計某些成本（例如勞動力）在本質上將更具結構性。

Protein markets have generally remained elevated and above the year-ago and historical levels. For context, pork prices, as measured by the USDA composite cutout, were 6% higher in the second quarter compared to last year and more than 30% higher than the 5-year average. We have seen similar dynamics across beef and chicken markets and witnessed an acceleration in the turkey market during the quarter due to the emergence of HPAI.

蛋白質市場普遍保持高位，高於去年同期和歷史水平。就背景而言，第二季度豬肉價格（以美國農業部綜合削減量衡量）比去年高出 6%，比 5 年平均水平高出 30% 以上。由於 HPAI 的出現，我們在牛肉和雞肉市場看到了類似的動態，並見證了本季度火雞市場的加速。

Feed also continues to be highly inflationary. Our hedging program at Jennie-O Turkey Store has effectively helped us manage risk near term. Looking to the back half of the year, we expect protein and feed costs to remain volatile and elevated compared to historical levels.

飼料也繼續高度通脹。我們在 Jennie-O Turkey Store 的對沖計劃有效地幫助我們管理近期風險。展望下半年，我們預計蛋白質和飼料成本將保持波動並高於歷史水平。

Costs for packaging and supplies are up double-digits on average over last year and accelerated during the most recent quarter. Trucking freight is also up significantly on both an absolute and per volume basis. This is being driven by volatility in the spot market and soaring diesel fuel prices. While we're noticing some relief in spot markets in the third quarter, increased fuel surcharges are partially offsetting this benefit. Ocean freight rates and export logistics continue to challenge our international team.

與去年相比，包裝和供應成本平均增長了兩位數，並在最近一個季度加速增長。貨運量在絕對和單量基礎上也顯著增長。這是受到現貨市場波動和柴油價格飆升的推動。雖然我們注意到第三季度現貨市場有所緩解，但燃油附加費的增加部分抵消了這一好處。海運費率和出口物流繼續挑戰我們的國際團隊。

Labor shortages have been underpinning the inflation we have seen across many of our inputs and in our own facilities. We continue to see positive trends in staffing levels, which has allowed us to increase production in important product lines such as SPAM, raw bacon and pizza toppings. Inefficiencies related to new team members and the turnover continued to impact operations, but we expect improvement in the back half of the year. As labor recovers across the industry-wide supply chain, we expect fewer upstream and downstream challenges.

勞動力短缺一直支撐著我們在許多投入和我們自己的設施中看到的通貨膨脹。我們繼續看到人員配備水平的積極趨勢，這使我們能夠增加垃圾郵件、生培根和披薩配料等重要產品線的產量。與新團隊成員和營業額相關的效率低下繼續影響運營，但我們預計下半年會有所改善。隨著整個行業供應鏈的勞動力復甦，我們預計上游和下游的挑戰將會減少。

Our experienced management team has done an excellent job managing profitability in the face of these challenges through strategic shifts in product mix, disciplined management of SG&A and driving efficiencies through our One Supply Chain. As Jim mentioned, we are reaffirming our full year fiscal 2022 sales guidance and narrowing our earnings guidance range.

面對這些挑戰，我們經驗豐富的管理團隊通過產品組合的戰略轉變、SG&A 的嚴格管理以及通過我們的單一供應鏈提高效率，在管理盈利能力方面做得非常出色。正如吉姆所提到的，我們正在重申我們的 2022 財年全年銷售指導並縮小我們的收益指導範圍。

For Refrigerated Foods, we expect a strong finish to the year led by continued strength in the foodservice businesses and strong demand for retail products. Our Grocery Products business will continue to be challenged by inflationary pressures until the recently announced pricing actions for this segment becomes effective in the fourth quarter.

對於冷藏食品，我們預計在食品服務業務的持續強勁和對零售產品的強勁需求的帶動下，今年的業績將強勁增長。我們的雜貨產品業務將繼續受到通脹壓力的挑戰，直到最近宣布的該部門的定價行動在第四季度生效。

Given the uncertainty regarding HPAI and based on our current expectations, Jennie-O Turkey Store sales volumes are expected to decline approximately 30% in the back half of the year due to supply gaps in its vertically integrated supply chain. With the third quarter representing the seasonal earnings low for this business, we expect third quarter earnings to be in line with last year.

鑑於 HPAI 的不確定性以及我們目前的預期，由於垂直整合供應鏈的供應缺口，Jennie-O Turkey Store 的銷量預計將在下半年下降約 30%。由於第三季度是該業務的季節性收益低點，我們預計第三季度收益將與去年持平。

The International & Other segment continues to see strong demand both in its export business and in China. However, due to the impact of 2 partial plant shutdowns in China as a result of COVID-related restrictions and persistent export logistic challenges, there remains a risk to earnings growth in the back half of the year.

國際及其他部門的出口業務和中國的需求繼續強勁。然而，由於受新冠疫情相關限制和持續的出口物流挑戰影響，中國有兩家工廠部分停產，下半年的盈利增長仍存在風險。

Across our retail businesses, we expect continued strong demand and anticipate improvements in fill rates, assortment and its strategic promotional activity to mitigate potential downside of elasticities. We continue to see strong momentum in the foodservice channel with demand from many items outpacing our ability to supply. This strong demand, coupled with supply chain improvement, give us confidence in our ability to deliver sales and earnings growth in the second half of the year.

在我們的零售業務中，我們預計需求將持續強勁，並預計填充率、分類及其戰略促銷活動將有所改善，以減輕彈性的潛在下行空間。我們繼續看到餐飲服務渠道的強勁勢頭，許多商品的需求超過了我們的供應能力。這種強勁的需求，加上供應鏈的改善，讓我們對下半年實現銷售和盈利增長的能力充滿信心。

At this time, I'll turn the call over to the operator for the question-and-answer portion of the call.

這個時候，我會把電話轉給接線員來處理電話的問答部分。

(Operator Instructions) The first question is from Ben Bienvenu of Stephens.

（操作員說明）第一個問題來自 Stephens 的 Ben Bienvenu。

This is Jack Hardin subbing in for Ben Bienvenu. You touched on the volume impact. But on HPAI, would you see material margin benefits on the back side of HPAI next year, just like we saw in 2015?

這是 Jack Hardin 替補 Ben Bienvenu。您談到了音量影響。但在 HPAI 上，您是否會看到明年 HPAI 背後的實質性利潤收益，就像我們在 2015 年看到的那樣？

Yes. Jack, thanks for the question. We've spent a lot of time over the last several years working on our JOTS business. We know we've got a fantastic brand. We've been doing a lot of work to continue to build a stronger business model that leverages our entire enterprise. And we had a strong finish to 2021, a great first half. We've got uncertainty in the back half of 2022. And we are going to begin to repopulate those farms. And we're going to return the supply in a very safe and timely manner.

是的。傑克，謝謝你的問題。在過去的幾年裡，我們花了很多時間在我們的 JOTS 業務上。我們知道我們有一個很棒的品牌。我們一直在做很多工作，以繼續建立一個更強大的商業模式，以利用我們的整個企業。我們在 2021 年取得了不錯的成績，上半場表現出色。我們在 2022 年下半年遇到了不確定性。我們將開始重新填充這些農場。我們將以非常安全和及時的方式返回供應。

And so we know that the demand is there for the product. And as supply comes back in line, we expect strong demand across retail and foodservice. What we've tried to highlight were a couple of the differences in terms of what's changed since 2015 when we think about feed costs, when we think about labor costs. But I think the most important thing for us is that as we get supply ramped back up, we know that the demand is going to be there, both in the retail channel and the foodservice channel, because of the work that we've done. And as markets stay strong and if markets are better, that opportunity certainly exists.

所以我們知道對產品的需求是存在的。隨著供應恢復正常，我們預計零售和餐飲服務業的需求將強勁。當我們考慮飼料成本和勞動力成本時，我們試圖強調的是自 2015 年以來發生的變化方面的一些差異。但我認為對我們來說最重要的是，隨著供應量的增加，我們知道零售渠道和餐飲服務渠道的需求都會存在，因為我們已經完成了工作。隨著市場保持強勁，如果市場好轉，這個機會肯定存在。

Awesome. That's it for me. Congrats on a strong quarter.

驚人的。對我來說就是這樣。祝賀一個強勁的季度。

Great. Thanks, Jack.

偉大的。謝謝，傑克。

The next question is from Antonio Hernández of Barclays.

下一個問題來自巴克萊銀行的安東尼奧·埃爾南德斯。

Congrats on the results. The question here, I mean, once the situation in China has started to recover, if it's slowly reopening or if it's still too early to tell?

祝賀結果。這裡的問題，我的意思是，一旦中國的局勢開始復蘇，是在慢慢重新開放還是現在說還為時過早？

Yes. So Antonio, thanks for the question. Again, the work that we've done to develop our business in China has been really, really successful as we've been able to build out a very balanced and strong business model, both on the retail and foodservice side of the business.

是的。所以安東尼奧，謝謝你的問題。同樣，我們為發展中國業務所做的工作非常非常成功，因為我們能夠在零售和餐飲服務方面建立一個非常平衡和強大的商業模式。

If we go back to 2020, at the outset of a pandemic when really China led the way in terms of shutting down and some of the current -- some of the similar dynamics that they're facing today, the business behaved much like it is today. We saw a slowdown in foodservice, a ramp-up in retail. But then as things got back to somewhat normal, we saw a return in our foodservice business.

如果我們回到 2020 年，在大流行開始時，中國在關閉和當前的一些方面處於領先地位——他們今天面臨的一些類似的動態，企業的表現很像今天。我們看到餐飲服務放緩，零售增長。但隨著事情恢復正常，我們看到了餐飲服務業務的回歸。

And so having that near-term experience, that we would expect to see our business return to a very strong growth trajectory. That being said, knowing that we're dealing with these 2 partial shutdowns that really will have more of an impact in our Q3, there may be some short-term impact on the China business. But really, there's absolutely no change in our long-term outlook, very confident in the business and very strong demand in all aspects of it.

因此，擁有這種近期經驗，我們預計我們的業務將恢復到非常強勁的增長軌跡。話雖如此，知道我們正在處理這兩次部分停工，這確實會對我們的第三季度產生更大的影響，因此可能會對中國業務產生一些短期影響。但實際上，我們的長期前景絕對沒有變化，對業務非常有信心，並且在各個方面都有非常強勁的需求。

The next question is from Ken Zaslow of Bank of Montreal.

下一個問題來自蒙特利爾銀行的 Ken Zaslow。

So on the price, the inflation on grocery, can you talk about if you're taking the pricing that you're taking, does that cover all your expenses and your inflation? And have you seen any pushback from any of your retailers? And then lastly on this is, what is your demand elasticity across your portfolio? And which products have the least and which ones have the most?

所以關於價格，雜貨店的通貨膨脹，你能談談你是否採用你正在採取的定價，這是否涵蓋了你所有的開支和通貨膨脹？你有沒有看到任何零售商的抵制？最後，你的投資組合的需求彈性是多少？哪些產品最少，哪些產品最多？

Yes, Ken, so this round of pricing in GP will cover down our costs, our expenses. And as you know, I mean we are very, very thoughtful about the managing of our pricing and promotions to ensure the long-term health of our business. And we always take a long-term view because, as we said in our comments in our press release, we know that we have a responsibility to our customers, to our consumers and to the categories.

是的，Ken，所以這一輪 GP 定價將覆蓋我們的成本和開支。如您所知，我的意思是我們非常非常周到地管理我們的定價和促銷活動，以確保我們業務的長期健康。我們始終著眼長遠，因為正如我們在新聞稿中的評論中所說，我們知道我們對客戶、消費者和品類負有責任。

In regards to pushback, what I would say is that really the pricing dynamics haven't changed. We've always had to build a business case and have strong justification for why a price increase is necessary. I would say that what has changed is probably that we're all, retailers and manufacturers, we're all experiencing the same broad-based inflation. And even though that's the case, I mean it still doesn't make conversations any easier because we're all going for the same thing and that responsibility to protect the equity of the brands and the business.

關於回擊，我想說的是定價動態並沒有改變。我們總是必須建立一個商業案例，並有充分的理由說明為什麼需要漲價。我想說，改變的可能是我們所有人，零售商和製造商，我們都在經歷同樣廣泛的通貨膨脹。即使是這樣，我的意思是它仍然不會讓對話變得更容易，因為我們都在追求同樣的事情，以及保護品牌和業務權益的責任。

And then I would say, in terms of pricing, the brands or the categories that we've seen the most impact on, and this is the price increase impact, would be SPAM because of our protein inputs and some of our packaging costs; and then Wholly Guacamole because of avocados; and then really least impacted would be SKIPPY. SPAM and WHOLLY have both, as you look at the data, they both held up incredibly well in the face of some pretty strong pricing actions. So hopefully, that gives you some clarity.

然後我會說，在定價方面，我們看到影響最大的品牌或類別，這就是價格上漲的影響，由於我們的蛋白質投入和一些包裝成本，將是垃圾郵件；然後是全鱷梨醬，因為鱷梨；然後真正受影響最小的是SKIPPY。 SPAM 和 WHOLLY 兩者都有，當您查看數據時，面對一些相當強勁的定價行為，它們都表現得非常好。所以希望這能讓你更清楚。

Yes. And just to add to -- yes, I just wanted to add to Jim's comment. I mean this portfolio does very well during these slowdowns. And we're currently leaning into advertising in our key brands like SPAM and Planters and really expect to continue to see strong growth as we're seeing with -- in the face of all this inflation and negatively impacting the bottom line. But there is still very strong top line growth in consumption. Data continues to be very positive with double-digit growth in many of our key categories.

是的。只是補充一下- 是的，我只是想補充一下Jim 的評論。我的意思是這個投資組合在這些經濟放緩期間表現得非常好。我們目前正傾向於在我們的主要品牌（如 SPAM 和 Planters）中投放廣告，並且真的希望繼續看到我們所看到的強勁增長——面對所有這些通貨膨脹和對底線的負面影響。但消費的收入增長仍然非常強勁。數據繼續非常積極，我們的許多關鍵類別都實現了兩位數的增長。

The next question is from Michael Lavery of Piper Sandler.

下一個問題來自 Piper Sandler 的 Michael Lavery。

Just want to follow up on that train of thought a little bit with consumer trading at, maybe not on elasticity exactly, but just curious what you've seen historically with down trading. Jacinth, I think you just mentioned you see some benefit. But how do you balance or what tends to be the net result of maybe down trading to some products from, say, beef to perhaps pork or SPAM or something like that versus some of the color we heard from Walmart the other day where they were calling out down trading to private label in some categories like bacon and deli and luncheon meat that are, of course, very big ones for you? Is it typically a net positive even with all those moving parts? Can you just maybe call out what some of the biggest moving pieces are there?

只是想稍微跟進一下消費者交易的思路，也許不完全是彈性，但只是好奇你在歷史上看到的下跌交易。 Jacinth，我想你剛才提到你看到了一些好處。但是，你如何平衡或者可能是從牛肉到豬肉或垃圾郵件或類似的東西與我們前幾天從沃爾瑪那裡聽到的一些顏色的某些產品進行交易的最終結果。在培根、熟食和午餐肉等某些類別中進行自有品牌的交易，當然，這些類別對您來說非常重要？即使有所有這些活動部件，它通常是淨積極的嗎？你能說出其中一些最大的動人嗎？

Yes, it's a great question. I know a conversation we'll be having as we continue to head into the -- or face some of these economic challenges. But I think the key takeaway for us is this balance that we've continued to build across all of our business. And as we think about our portfolio, we've got such an incredibly wide range of offerings when we think about the value consumer, and that's where Jacinth talks about our GP portfolio that historically has done well during slowdowns. And this quarter, we've been able to demonstrate great top line growth, great volume growth. Now we just have to get up -- get caught up on some of the inflationary factors.

是的，這是一個很好的問題。我知道當我們繼續進入或面臨其中一些經濟挑戰時，我們將進行一次對話。但我認為對我們來說關鍵的收穫是我們在所有業務中繼續建立的這種平衡。當我們考慮我們的投資組合時，當我們考慮價值消費者時，我們提供瞭如此廣泛的產品，這就是 Jacinth 談到我們的 GP 投資組合的地方，這些投資組合在經濟放緩期間一直表現良好。本季度，我們已經能夠展示出巨大的收入增長和銷量增長。現在我們只需要起床——了解一些通脹因素。

But as you think about that balance across consumer type, across channel, across products, across brands, we're able to navigate these environments really, really well. And while we're talking about the value consumer, I mean the thing to remember is that we still have premium consumers and premium offerings that are doing incredibly well. The strength of our Columbus business, when we think about entertaining and snacking, when we see the continued strength of our Applegate business, which is more of a food forward type brand and product line, I think it all goes back to really the balance that we've built across the portfolio that sets us up incredibly well for so many different economic conditions.

但是，當您考慮跨消費者類型、跨渠道、跨產品、跨品牌的平衡時，我們能夠非常非常好地駕馭這些環境。當我們談論價值消費者時，我的意思是要記住的是，我們仍然擁有優質消費者和優質產品，它們的表現令人難以置信。我們哥倫佈業務的實力，當我們考慮娛樂和零食時，當我們看到 Applegate 業務的持續實力時，這更像是一個食品前沿型品牌和產品線，我認為這一切都可以追溯到真正的平衡我們已經建立了整個投資組合，這些投資組合讓我們在如此多的不同經濟條件下都處於非常好的狀態。

That's really helpful. And can I just do a follow-up on your guidance? Jim, you called out the responsibility to protect the equity of your brands as the lead-off to that text. And it's language I don't think I've seen before, and just was curious if there's some significance to that. We should make sure that we understand. It looks like the advertising spending in the quarter was up, but probably maybe a lift from Planters. Is it a big factor in how you think about the outlook? What's the weight of those of that remark?

這真的很有幫助。我可以對您的指導進行跟進嗎？吉姆，你呼籲保護你的品牌權益的責任作為該文本的引子。這是我認為我以前從未見過的語言，只是好奇這是否有意義。我們應該確保我們理解。看起來本季度的廣告支出有所增加，但可能來自 Planters。這是你如何看待前景的一個重要因素嗎？那句話的分量有多大？

Yes, I would say there's not really a dramatic change. It's really just a call-out in terms of what we do. We've talked a lot about the strength of our brands and the investments that we make in our brands every year, and that is our responsibility. It's something that we believe is a differentiated capability for us as we think about brand stewardship.

是的，我會說沒有真正的戲劇性變化。就我們所做的而言，這實際上只是一個呼籲。我們已經談論了很多關於我們品牌的實力以及我們每年對品牌進行的投資，這是我們的責任。當我們考慮品牌管理時，我們認為這對我們來說是一種差異化的能力。

And so -- and it's also about the recognition that we have a responsibility to our brands. We understand that there are others in the channel that we have an obligation, too, as well to make sure that we're taking care of our customers, that we're taking care of our consumers. And even in our foodservice business, we've got to take care of our operators to make sure that we're servicing their needs and providing great value.

所以——這也是關於我們對我們的品牌負有責任的認識。我們知道，渠道中還有其他人我們也有義務確保我們正在照顧我們的客戶，我們正在照顧我們的消費者。即使在我們的餐飲服務業務中，我們也必須照顧我們的經營者，以確保我們滿足他們的需求並提供巨大的價值。

But again, all of it goes back to this long-term view that we always take is to make sure that, yes, we have to run the business for today, but we want to make sure that we have long-term healthy businesses, long-term healthy categories.

但同樣，所有這一切都回到了我們一直採取的長期觀點，即確保，是的，我們必須經營今天的業務，但我們要確保我們擁有長期健康的業務，長期健康類別。

And I will just add, it's just having that, again, that long-term view, but maintaining that stickiness that we have with our ultimate consumers and not really doing anything in our mind that would really destroy that brand equity that we have built up over time with our consumer base.

我要補充的是，它只是再次擁有這種長期觀點，但保持我們與最終消費者的粘性，而不是真正在我們的腦海中做任何會真正破壞我們建立的品牌資產的事情隨著時間的推移與我們的消費者群。

The next question is from Bryan Spillane of Bank of America.

下一個問題來自美國銀行的 Bryan Spillane。

This is Bryan contending for the honeymooning Pete Galbo. And hopefully, I don't screw this up. I think he may be listening.

這是布萊恩爭奪蜜月的皮特·加爾博。希望我不會把這件事搞砸。我想他可能在聽。

So a couple of questions. First, just you mentioned a little bit in terms of the earnings phase-in. Can we just get a little bit more color? I think, typically, the margins in the third quarter are lower sequentially than the second quarter. So is that still kind of the pacing? Would we have that normal sort of seasonality in margins as we move through the back half of the year?

所以有幾個問題。首先，您剛剛提到了收益階段。我們可以再多一點顏色嗎？我認為，通常情況下，第三季度的利潤率低於第二季度。那麼這仍然是一種節奏嗎？當我們度過下半年時，我們是否會有這種正常的利潤率季節性變化？

And I guess, as we're thinking about earnings effectively being flat year-over-year, how much of that is seasonality? How much of that is, I guess, the mismatch or beginning to match up your pricing versus covering your inflation? So just trying to understand some of the moving parts in terms of the phasing as we look through the third quarter and fourth quarter.

而且我想，當我們考慮到收益實際上與去年同期持平時，其中有多少是季節性的？我猜，其中有多少是不匹配或開始匹配您的定價與覆蓋您的通貨膨脹？因此，當我們查看第三季度和第四季度時，只是試圖從階段性的角度來理解一些活動部分。

Yes, it's a great question. Bryan, you didn't mess that up. Nice job. So for us, as we've talked about this year at the first quarter, we were expecting some sequential margin improvement throughout the year. So the impact this year is really what's going to happen with Jennie-O in the third quarter. So that is a big factor.

是的，這是一個很好的問題。布萊恩，你沒有搞砸。不錯的工作。所以對我們來說，正如我們在今年第一季度談到的那樣，我們預計全年利潤率會出現一些連續的改善。因此，今年的影響實際上是 Jennie-O 在第三季度將會發生的事情。所以這是一個很大的因素。

The other thing is our mix, right? Our mix does change in our third quarter. And then like I said, the JOTS impact will be a significant impact. And then as we get into the fourth quarter, we'll continue to have strong business in Refrigerated Foods. We've got still some uncertainty in JOTS, but we expect that to perform better. And then the big driver is the Grocery Products pricing that we talked about, which will take hold in the fourth quarter.

另一件事是我們的組合，對吧？我們的組合在第三季度確實發生了變化。然後就像我說的，JOTS 的影響將是巨大的。然後隨著我們進入第四季度，我們將繼續在冷藏食品方面擁有強勁的業務。我們在 JOTS 中仍然存在一些不確定性，但我們預計它會表現更好。然後最大的推動力是我們談到的雜貨產品定價，它將在第四季度生效。

Okay. So sequentially, margins will be down 3Q to 2Q, like they normally would be, and then there's these other pressures, and then we would see it sort of begin to catch up more in the fourth quarter. That's roughly the way to think about it, both at the gross and, I guess, EBITDA margin line?

好的。因此，按順序，利潤率將像往常一樣在第三季度到第二季度下降，然後還有這些其他壓力，然後我們會看到它在第四季度開始趕上更多。這大致是考慮它的方式，無論是在毛利率還是我猜是 EBITDA 利潤率線上？

Yes.

是的。

That's correct.

這是正確的。

Okay. And then just on -- a follow-up is, I know we've talked a little bit about elasticity on this call and trade up, trade down. Can you give us a sense of just how you're looking at maybe the -- just planning maybe cross-elasticity between channels? And I guess what I'm after is, with inflation being as pronounced as it is for the consumer, you're beginning to see some choices that they're making about discretionary versus nondiscretionary spending. So running -- spending on food, but not buying discretionary items or general merchandise, let's say, in Walmart.

好的。然後就 - 後續行動是，我知道我們在這次電話會議上討論了一些關於彈性的問題，然後向上交易，向下交易。您能否讓我們了解一下您是如何看待的——只是規劃渠道之間的交叉彈性？而且我想我所追求的是，隨著通貨膨脹與消費者一樣明顯，你開始看到他們在可自由支配與非可自由支配支出方面做出的一些選擇。所以跑步——在食品上花錢，而不是在沃爾瑪購買非必需品或一般商品。

So I guess as you're planning your business forward for what we would expect to be a more inflationary period in general, would your expectation be that there's going to be a little bit of a shift away from foodservice and into grocery or within foodservice within channels? Just generally, how you're kind of thinking about that in the context of inflation going to be with us for a while and consumers will have to start making some discretionary choices.

因此，我想當您計劃您的業務時，我們預計總體上將是一個更加通貨膨脹的時期，您是否會期望從餐飲服務轉向雜貨店或餐飲服務渠道？總的來說，在通脹將伴隨我們一段時間的情況下，你會如何考慮這一點，消費者將不得不開始做出一些自由選擇。

Yes. Bryan, it is one of the things obviously that we watch very closely. We talk a lot about the strength and the competency of our foodservice business, our foodservice direct selling organization, the incredible portfolio that we've built over the last several decades. And so we know that our -- we're well positioned to support the foodservice industry with all of their needs that they have. Top of mind, of course, is labor.

是的。布萊恩，這顯然是我們密切關注的事情之一。我們談論了很多關於我們的餐飲服務業務、我們的餐飲服務直銷組織以及我們在過去幾十年中建立的令人難以置信的產品組合的實力和能力。所以我們知道我們的 - 我們有能力支持餐飲服務行業滿足他們的所有需求。當然，最重要的是勞動力。

But specifically to your question, as we're watching these dynamics, and intuitively, you would say with all of the soaring inflation and soaring gas prices, that what you described would take place. But as we think about what we're hearing with flight bookings, what we're hearing about lodging bookings, what we are seeing and hearing from restaurant reservations is that certainly in the short term, and I think even beyond that, we're going to continue to see...

但具體到你的問題，當我們正在觀察這些動態時，直覺上，你會說隨著通貨膨脹和天然氣價格的飆升，你所描述的事情將會發生。但是當我們想到我們在航班預訂中聽到的，我們在住宿預訂中聽到的，我們從餐廳預訂中看到和聽到的，肯定是在短期內，而且我認為甚至除此之外，我們正在會繼續看...

(technical difficulty)

（技術難度）

Everyone, we are going to reconnect the speakers. Please continue to hold. Hello, everyone. The speakers have been reconnected. Please go ahead.

大家，我們將重新連接揚聲器。請繼續持有。大家好。揚聲器已重新連接。請繼續。

So Bryan, I believe I got cut off in the middle of my response to your second question.

所以布萊恩，我相信我在回答你的第二個問題時被打斷了。

I promised Pete I wouldn't screw this up, and I apparently broke the line. So...

我向皮特保證我不會搞砸這件事，我顯然打破了界限。所以...

Well, that's what we said in private, but we weren't going to say that publicly, you did. But really, we're -- I think the key takeaway here is we're well positioned as the foodservice business may shift from segment to segment within the channel. And then just on a broader basis, we're -- we don't see any short-term slowdown in the foodservice business. We do think there's still incredible pent-up demand, and we're able to take advantage of it.

嗯，這就是我們私下說的，但我們不會公開說，你說了。但實際上，我們 - 我認為這裡的關鍵點是我們處於有利位置，因為餐飲服務業務可能會在渠道內從一個細分市場轉移到另一個細分市場。然後在更廣泛的基礎上，我們 - 我們沒有看到餐飲服務業務出現任何短期放緩。我們確實認為仍有令人難以置信的被壓抑的需求，我們能夠利用它。

The one thing I did talk about was, as individuals may change the way they travel, if they're not flying because of airlines ticket prices and they begin to drive even though fuel prices are higher, the C-store channel is an area where we've made tremendous progress in a short period of time. And the acquisition of Planters has really helped us both in the retail aspect, but the foodservice or the takeaway food aspect of the convenience store channel. So that was -- that's the shorter version of my long answer.

我確實談到過的一件事是，由於個人可能會改變他們的旅行方式，如果他們因為機票價格而不飛行並且即使燃油價格更高他們也開始開車，C-store 渠道是一個區域我們在很短的時間內取得了巨大的進步。收購 Planters 確實幫助了我們，無論是在零售方面，還是在餐飲服務或便利店渠道的外賣食品方面。所以那是 - 這是我長答案的較短版本。

The next question is from Tom Palmer of JPMorgan.

下一個問題來自摩根大通的 Tom Palmer。

Maybe just to start off, if I could clarify the comment about third quarter earnings being in line with last year. There was the unusual costs. So you had kind of 2 earnings numbers a year ago, the $0.32 and the $0.39. When you're talking about in line with last year, to which last year are you referring?

也許只是開始，如果我能澄清關於第三季度收益與去年一致的評論。有不尋常的成本。所以一年前你有兩種收入數字，0.32 美元和 0.39 美元。當您談論與去年一致時，您指的是哪一年？

Last -- we're referring to the GAAP numbers, which is $0.39, right, which is the adjusted $0.39 -- [30-day week].

最後——我們指的是 GAAP 數字，即 0.39 美元，對，即調整後的 0.39 美元——[每週 30 天]。

Okay. And then maybe to follow up on Ken's question on Grocery Products segment, just the pricing. So can I just clarify, is the pricing -- were you able to fully offset the inflation that you are currently seeing with that pricing? And then you mentioned the fourth quarter kind of being the impact in terms of that pricing flowing through. Should we think about it as the pricing flows through during the fourth quarter, and therefore, you have even added impacts when we think about the first quarter of fiscal '23? Or is this -- it flows through and, in part, during the third quarter, the fourth quarter reflects kind of the full benefits?

好的。然後可能會跟進肯關於雜貨產品部分的問題，只是定價。那麼我能否澄清一下，定價是否能夠完全抵消您目前通過該定價看到的通貨膨脹？然後你提到了第四季度對定價的影響。我們是否應該在第四季度定價時考慮它，因此，當我們考慮 23 財年第一季度時，您甚至會增加影響嗎？或者這是 - 它在第三季度流過，並且在一定程度上反映了第四季度的全部收益？

No. We would expect the effect or the benefit will take -- will have an impact. It will be right at the end of the third quarter, beginning of the fourth quarter. And so naturally, of course, that will flow into the first quarter of '23. But the full fourth quarter will be impacted in a positive way.

不會。我們預計會產生效果或收益——會產生影響。它將在第三季度末，第四季度初。當然，這很自然地會流入 23 年的第一季度。但整個第四季度將受到積極影響。

Okay. And that is you were able to secure pricing that essentially addresses the inflation that you were seeing at the time of those negotiations?

好的。那就是你能夠確保定價基本上解決了你在談判時看到的通貨膨脹？

That's correct.

這是正確的。

The next question is from Eric Larson of Seaport Research Partners.

下一個問題來自 Seaport Research Partners 的 Eric Larson。

Yes. So Jim, I'm kind of curious, I'm going back to 2015, the last AI breakout. You've said that your impact -- your bird impact was 25% less than that impact in 2015. But I think one of the things in 2015 that hurt you pretty badly was that you were a net buyer of supply so that you could meet your demand, and those high spot prices really hurt your numbers. And then it took quite a while to kind of repopulate those grower houses, those birds take longer to grow out. So -- and maybe I'm missing it, so it sounds like maybe that's not going to be as big a deal this time? Or when should we expect to see the volumes actually start recovering as you kind of repopulate to grow all houses?

是的。所以吉姆，我有點好奇，我要回到 2015 年，最後一次 AI 突破。你說過你的影響——你的鳥類影響比 2015 年的影響小 25%。但我認為 2015 年對你造成嚴重傷害的一件事是你是供應的淨買家，因此你可以滿足您的需求，而那些高現貨價格確實損害了您的數字。然後花了相當長的時間來重新填充那些種植者的房子，那些鳥需要更長的時間才能長出來。所以 - 也許我錯過了它，所以聽起來這次可能不會那麼重要了？或者我們應該期望什麼時候看到體積真正開始恢復，因為你會重新填充以種植所有房屋？

Yes. So Eric, thanks for the question. And the comparisons to 2015 are never perfect. So when we say we're down 25%, right, we are talking about our company-owned facilities.

是的。所以埃里克，謝謝你的問題。與 2015 年的比較從來都不是完美的。因此，當我們說我們下降了 25% 時，對，我們是在談論我們公司擁有的設施。

Your other question about us buying meat and that we are not currently buying meat this year, and then again, let's just think about the timing, which is usually 26 weeks. And so we've started some repopulation when you think about when the event started. So the volume will get better in Q4, but still down compared to normal. And then assuming that we don't have any more outbreaks from this event or that we don't see a reoccurrence in the fall, we would expect again to have more traditional volumes available in Q1.

你的另一個問題是關於我們購買肉類以及我們今年目前不購買肉類，然後再說一次，讓我們考慮一下時間，通常是 26 週。因此，當您考慮事件開始的時間時，我們已經開始重新填充。因此，第四季度的銷量會有所好轉，但與正常情況相比仍會有所下降。然後假設我們沒有更多的爆發來自這個事件，或者我們沒有看到秋季再次發生，我們預計第一季度將再次有更多的傳統卷可用。

Okay. So then the second follow-up to this whole thing is, so did you decide in 2015, one of your actions, given what happened with AI, to actually increase your internal production so you don't have to buy outside supplies? Or did you -- are you converting more of the commodity stuff to -- so what is the change between being a net buyer of supply outside of your company to being right now you're not buying product? So I'm just trying to figure out what the dynamic is there.

好的。那麼整個事情的第二個後續行動是，你是否在 2015 年決定，考慮到人工智能發生的事情，你的行動之一是實際增加你的內部生產，這樣你就不必購買外部供應？或者你是否——你是否將更多的商品轉換為——那麼在你公司之外成為供應的淨買家與現在你不購買產品之間有什麼變化？所以我只是想弄清楚那裡的動態。

Sure, sure, sure. So the 2 biggest drivers really as we think about the supply side of the business: one is feed cost, which is significantly higher today; and then we have had significant SKU rationalization. So as we think about the work that we're doing in this transformation of JOTS to make sure that we've got a stronger business model, we have rationalized a number of different SKUs that have made us far less dependent on outside meat purchases.

確定，確定，確定。因此，當我們考慮業務的供應方面時，最大的兩個驅動因素是：一個是飼料成本，今天明顯更高；另一個是飼料成本。然後我們進行了重大的 SKU 合理化。因此，當我們考慮我們在 JOTS 轉型中所做的工作以確保我們擁有更強大的商業模式時，我們已經合理化了許多不同的 SKU，這些 SKU 使我們對外部肉類採購的依賴程度大大降低。

Got it. That helps explain the difference.

知道了。這有助於解釋差異。

The next question is from Robert Moskow of Credit Suisse.

下一個問題來自瑞士信貸的羅伯特莫斯科。

I came a little late to this call, so I apologize if you've kind of addressed this already. But maybe you could tell me like the timing of the grocery price increases, you're saying it's starting in July really. Were those negotiated like a couple of months ago or very recently? Like how long did it -- is it take -- did it take for that kind of negotiation to get implemented in the marketplace? And then with -- given what we've heard from Walmart, is there -- I'm sure you've answered this already, but do you expect any pushback on future price increases in processed meats categories given that they kind of called them out by name?

我來晚了一點，所以如果你已經解決了這個問題，我很抱歉。但也許你可以告訴我雜貨價格上漲的時間，你說的是真的從 7 月開始。是幾個月前還是最近談判的？比如，這種談判需要多長時間才能在市場上實施？然後——鑑於我們從沃爾瑪那裡聽到的消息——我相信你已經回答了這個問題，但你是否預計加工肉類類別的未來價格上漲會有任何阻力，因為他們有點稱它們為按名字出來？

Yes. Rob, we talked a little bit, but happy to revisit that. Yes, the pricing that we're talking about has been negotiated recently. And as you know, we do have in our GP portfolio, there's really 60- to 90-day lag to have our pricing take effect. And so we're in that window, and that's why we're talking about the end of July or the end of Q3.

是的。 Rob，我們談了一點，但很高興重溫。是的，我們正在談論的定價是最近協商的。如您所知，我們的 GP 產品組合中確實有 60 到 90 天的延遲才能使我們的定價生效。所以我們在那個窗口中，這就是為什麼我們要談論 7 月底或第三季度末。

What we talked about earlier in terms of the pricing and the environment that we're in is that really the pricing dynamics haven't changed in regards to the justification that we've had to provide. What we think has changed and what we know has changed is that everybody is experiencing that same broad-based inflation. So the data is being felt by everyone, and it doesn't make the conversations any easier. So we've had a lot of the same conversations. It's just that everyone is feeling the -- or seeing the same information.

我們之前談到的定價和我們所處的環境是，就我們必須提供的理由而言，定價動態並沒有改變。我們認為已經改變並且我們知道已經改變的是，每個人都在經歷同樣廣泛的通貨膨脹。因此，每個人都能感受到這些數據，但這並沒有讓對話變得更容易。所以我們有很多相同的對話。只是每個人都在感受——或看到相同的信息。

And then the other thing that we did talk about was understanding that we've always taken a very thoughtful approach to the management of our pricing and promotions because while we have this inflationary environment that we're in, we need to ensure the long-term health of our brands. And so that's how this has played out in terms of the pricing for GP, and then that's how we're thinking about the actual pricing environment that we're in.

然後我們確實談到的另一件事是了解我們一直採取非常周到的方法來管理我們的定價和促銷，因為雖然我們處於這種通貨膨脹環境中，但我們需要確保長期 -我們品牌的長期健康。這就是 GP 定價的結果，這就是我們如何考慮我們所處的實際定價環境。

Okay. I'll follow up later.

好的。我稍後會跟進。

And I just want to -- this is Jacinth. I just want to clarify my answer to Tom. Our adjusted GAAP EPS number in Q3 of last year was $0.39 less Planters one-timer. That is what we're comparing to, and we expect to be in line -- to be better than that in Q3.

我只想-- 這是Jacinth。我只是想澄清我對湯姆的回答。我們在去年第三季度調整後的 GAAP 每股收益數字比 Planters 一次性少 0.39 美元。這就是我們要比較的東西，我們預計會保持一致——比第三季度更好。

The next question is from Adam Samuelson of Goldman Sachs.

下一個問題來自高盛的亞當·薩繆爾森。

This is Arthur filling in for Adam this morning. I was just wondering if you could help us think about how you're thinking about maintaining branded retail placements throughout this, let's call it, a difficult period. And if you could just help us, how has demand elasticity evolved from the time we last spoke?

這是亞瑟今天早上替亞當做的。我只是想知道您是否可以幫助我們思考您是如何考慮在整個過程中維護品牌零售位置的，我們稱之為困難時期。如果你能幫助我們，從我們上次發言以來，需求彈性是如何演變的？

Yes, sure. So Arthur, I mean the placement of our products remains very, very strong and continues to get better as our supply chain improves. We're able to improve the assortment of our products, the mix. And as our supply chain and our capacity continues to get better, we are able to engage in select promotional activity as well. So from a distribution perspective, it continues to be strong and getting better as our supply chain continues to recover.

是的，當然。所以亞瑟，我的意思是我們產品的位置仍然非常非常強大，並且隨著我們供應鏈的改善而繼續變得更好。我們能夠改進我們產品的種類和組合。隨著我們的供應鍊和能力不斷提高，我們也能夠參與精選的促銷活動。因此，從分銷的角度來看，隨著我們的供應鏈繼續恢復，它會繼續保持強勁並變得更好。

As we think about elasticity, there is still a lot of noise in terms of fill rates, assortment, promo, really getting some of the second- and third-tier items back on the shelf from the impact of the pandemic. And so I mean we're watching that very closely, but we still see lots of noise in the system for the balance of the year. And our brands have responded well to that pricing. So we're going to continue to support them with advertising and promotion. And we've got any potential impact factored into the guidance that we've provided for the back half of the year.

當我們考慮彈性時，在填充率、分類、促銷方面仍然存在很多噪音，真正讓一些二三線商品從大流行的影響中重新上架。所以我的意思是我們正在密切關注這一點，但在今年餘下的時間裡，我們仍然看到系統中有很多噪音。我們的品牌對該定價反應良好。因此，我們將繼續通過廣告和促銷來支持他們。我們在今年下半年提供的指導中考慮了任何潛在的影響。

The next question is from Carson Barnes of Consumer Edge.

下一個問題來自 Consumer Edge 的 Carson Barnes。

Can you touch on the labor issues a bit and discuss what you're doing to mitigate those impacts from a product mix perspective? And then how are you thinking about correcting those issues longer term?

您能否稍微談談勞工問題，並從產品組合的角度討論您正在採取哪些措施來減輕這些影響？然後，您如何考慮長期糾正這些問題？

Yes. Carson, thank you. I mean as we go back several years and the work that we've done to create our One Supply Chain and really leverage the strength of the enterprise is one of the key factors that's allowed us to navigate this incredibly difficult operating environment.

是的。卡森，謝謝。我的意思是，當我們回到幾年前，我們為創建一個供應鏈並真正利用企業實力所做的工作是使我們能夠在這個極其困難的運營環境中導航的關鍵因素之一。

Since we last talked, we have seen meaningful improvement in our supply chain since the end of January. And those improving labor trends have really helped in terms of our improved production, the building of some inventory, improvement of fill rates. And that has had a very positive impact on our business.

自從我們上次談話以來，自 1 月底以來，我們的供應鏈有了顯著的改善。那些改善的勞動力趨勢確實有助於我們改進生產、建立一些庫存、提高填充率。這對我們的業務產生了非常積極的影響。

So that being said, while we're continuing to get better with labor within our own facilities, we continue to see upstream and downstream challenges. And those challenges are significant on a weekly basis. Whether it could be a packaging or ingredient headwind or when it comes to freight, ability to get product into and out of ports that impacts our international business, that is still a very real constraint for us that hasn't cleared yet. So we feel good about the work that we've done to improve our supply chain. There's still some upstream and downstream things that we need to clear. But as that labor gets better, we expect that to mitigate over time.

話雖如此，雖然我們在自己的設施內繼續改善勞動力，但我們繼續看到上游和下游的挑戰。這些挑戰每週都很重要。無論是包裝或成分逆風，還是在貨運方面，影響我們國際業務的產品進出港口的能力，這對我們來說仍然是一個非常現實的限制，尚未清除。因此，我們對我們為改善供應鏈所做的工作感到滿意。還有一些上游和下游的事情我們需要弄清楚。但隨著勞動力變得更好，我們預計隨著時間的推移這種情況會有所緩解。

The next question is from Rebecca Scheuneman of Morningstar.

下一個問題來自晨星的 Rebecca Scheuneman。

So first of all, you had said that demand has remained strong in the face of inflation. But volumes were quite a bit weaker than we expected. Could you maybe help quantify what the impact was from the labor constraints?

首先，您曾說過，面對通貨膨脹，需求依然強勁。但成交量比我們預期的要弱得多。您能否幫助量化勞動力限制的影響？

Yes. Rebecca, the biggest issue in terms of total volume was the reduction in pork supply as we renegotiated our pork supply agreement at the end of last year. Labor was a factor, but I wouldn't say it really was a significant driver. It was really less -- far less than pork in terms of the total impact on the volume.

是的。 Rebecca，就總量而言，最大的問題是豬肉供應減少，因為我們在去年底重新談判了豬肉供應協議。勞動力是一個因素，但我不會說它真的是一個重要的驅動因素。就對數量的總影響而言，它確實少得多——遠少於豬肉。

Okay. Could I be so bold as to ask you to quantify the impact of the pork?

好的。我可以大膽地要求你量化豬肉的影響嗎？

Yes, that is something that we've broken out before. And actually, what I probably would do is just so we get you the exact information is we'll have David follow up with you so you've got the exact number of pounds that we've talked about in the past.

是的，那是我們以前爆發過的東西。實際上，我可能會做的只是讓我們為您提供確切的信息，我們會讓大衛跟進您，以便您獲得我們過去討論過的確切磅數。

Okay, sounds good. And secondly, is it fair to assume that HPAI could maybe delay some of the planned cost savings in JOTS?

好的聽起來不錯。其次，假設 HPAI 可能會延遲 JOTS 中的一些計劃成本節約是否公平？

No, the work that we've done on the transformation of the business has not slowed down.

不，我們在業務轉型方面所做的工作並沒有放緩。

Yes. And if anything, Rebecca, we would say it has actually accelerated some of the work that was already underway to be able to reposition the business and reposition the plans the way we were planning to restructure this business to continue to be very consumer focused and really leaning towards and embracing the trends that we're seeing in the consumer space. And so if anything, it really has been a positive, and we continue to be on track to realize the time line and the savings that we have communicated externally.

是的。如果有的話，麗貝卡，我們會說它實際上加速了一些已經在進行的工作，以便能夠重新定位業務並重新定位計劃，以我們計劃重組這項業務的方式繼續非常以消費者為中心並且真正傾向於並擁抱我們在消費領域看到的趨勢。因此，如果有的話，這確實是積極的，我們將繼續按計劃實現我們與外部溝通的時間線和節省。

This concludes our question-and-answer session. I would like to turn the conference back over to Jim Snee for closing remarks.

我們的問答環節到此結束。我想把會議轉回給 Jim Snee 做閉幕詞。

Well, thank you, and thank you all for joining us today. I'm incredibly proud of the results our team delivered in the face of an incredibly difficult operating environment. We've spent a lot of time and effort over the years developing a strategic and balanced portfolio for times just like these. And it's our people, our brands and our culture are what gives me confidence in our ability to continue to deliver results.

嗯，謝謝大家，謝謝大家今天加入我們。面對極其困難的運營環境，我為我們的團隊所取得的成果感到無比自豪。多年來，我們花費了大量時間和精力來開發戰略性和平衡的投資組合，就像現在這樣。正是我們的員工、我們的品牌和我們的文化讓我對我們繼續取得成果的能力充滿信心。

Thanks again, and have a great day.

再次感謝，祝您有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。